clear all
set more off
cd C:\BMOcode\

****************************************************************************************************************************************************************
* Load raw data with firm-level governance and accounting variables.
* Variable labels embedded in data set
****************************************************************************************************************************************************************
use BMO_Pseudodata_main.dta, clear

* Create high and low-denomination groups
qui pctile dispose = denom, n(10) 
gen Dstocksize_low3rd = (denom_ord<=r(r3)) 
gen Dstocksize_top3rd = (denom_ord>=r(r7)) 
drop dispose

* Set mid-denomination group to missing (for t-tests)
gen SDhelp = (Dstocksize_low3rd==1)
gen LDhelp = (Dstocksize_top3rd==1)
gen SD=SDhelp
replace SD = . if SDh==0 & LDh==0 
gen LD=LDhelp
replace LD = . if SDh==0 & LDh==0 
drop SDhelp LDhelp 


*** Table 1: Summary statistics by DR and SD/LD
do BMO_table1.do

*** Table 2: Board existence
do BMO_table2.do


*** Table 5: Voting restrictions
do BMO_table5.do

*** Table 7: Board existence and vote capping
do BMO_table7.do

*** Table 9: Authority Structures in firms with and without boards
do BMO_table9.do

*** Table 10: Board authority and voting restrictions in firms with boards
qui sum slope_at_100 if DR==1, d
gen med_slope_at_100 = (slope_at_100<`r(p50)')

do BMO_table10.do

*** Tests discussed in section 6.2 on board monitoring
do BMO_sec6_2.do



*************************************************************************************************
*  Appendix tables
*************************************************************************************************                  

*** Table B2: Summary Statistics: Firm-level sample
do BMO_TableB2.do


*** Table B4: Sample firms by industry
table nacegroup, c(n firm  mean size mean DR) 


*************************************************************************************************
* Figures
*************************************************************************************************                  
*** Figure 1: 
do BMO_figure1.do

*** Figure 2: Board authority over five strategic decisions
do BMO_figure2.do

*** Figure B1
do BMO_figureB1.do 

*** Figure B2
do BMO_figureB2.do 




